In today’s digital economy, intangible assets—such as software, R&D, branding, and organizational capital—have emerged as powerful drivers of productivity and long-term economic growth. This report investigates the growing importance of intangible investments across major economies, drawing on data from the EU KLEMS and INTANProd (EKIP) databases. It reveals that intangible capital, particularly in manufacturing, ICT, and financial services sectors, now often exceeds tangible capital in its contribution to value-added, especially in countries like the U.S., U.K., and France.
A detailed growth accounting analysis shows that intangible capital has become a dominant contributor to GDP growth in advanced economies, with innovation-related assets like software and R&D playing a pivotal role in boosting total factor productivity. While returns on intangible investments vary by country and sector, efficient resource allocation and policy alignment are shown to significantly enhance their impact. The U.K. and France demonstrate particularly strong outcomes in organizational capital and software-driven productivity, respectively.
The study emphasizes the need for better measurement and capitalization of intangible assets in national accounts. It calls for targeted policies to improve investment efficiency, especially in sectors like financial services where returns are less predictable. To sustain growth in the digital age, countries must strengthen innovation ecosystems, improve data infrastructure, and promote organizational learning and human capital development through smart, adaptive policy frameworks.
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공공저작물 자유이용허락 표시기준 (공공누리, KOGL) 제4유형